The cabinet has approved the implementation of a “hire purchase” system of obtaining homes to help economically challenged citizens, said Urban Wellbeing, Housing and Local Government (KPKT) Minister Tan Sri Noh Omar.
The minister said the system would be implemented under at People Housing Project (PPR) areas nationwide, including the East Malaysian states of Sabah and Sarawak.
“The government takes note that many earning RM2,500 a month and below are eligible to buy PPR houses but not qualified for bank loans and this will give them the opportunity to own their houses,” said Noh.
He was speaking after handing over the neigbourhood beautification National Blue Ocean Strategy (NBOS) project and social transformation programme launch at the Sri Bandar flats in Port Dickson, Negeri Sembilan.
Initially, the system will be put into effect in five areas, on identified sites Kelantan, Negeri Sembilan and Kuala Lumpur, as well as on three separate sites in Selangor. The new system is expected to provide aid to more than 4,000 families. — Bernama
Property 360 Online
Property 360 Online is a news portal focused on major issues, views and major market movements in the Malaysian real estate sector.